Service centre files for creditor protection despite Marubeni aid

摘要

One of two steel service centres that trader Marubeni had tried to support filed for creditor protection on July 10, nursing debts reported to total ￥10 bn. Tokyo-based Matsushima Tekko, established in 1930, was a major processor of CR sheets and was among some ten service centres in the Kanto region with close connections to Marubeni.Late last year, the trader stitched together a deal whereby Matsushima would transfer one leveller and one slitter from its coil centre in Koto-ku in suburban Tokyo to the Urayasu plant in nearby Chiba belonging to another Marubeni-friendly centre called Okuzawa Sangyo, one of the largest coil centres in Japan processing coated sheet.